Crypto

Sian Berry Proposes Ban of Crypto Ad on London Transport Services

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Sian Berry, a member of the London Assembly and former co-leader of the Green Party of England and Wales, has called for a ban of crypto advertisements on public transportation.

Berry in a Twitter post claimed that she is advocating that London Mayor Sadiq Khan ban any crypto advertising in the city’s transportation community, which includes several rail and bus companies. This statement followed token initiative, Floki Inu’s claim that it may launch a “full-out assault on the London public transportation system” with posters aboard subway trains and buses.

“Like gambling ads, which we have finally got the Mayor to remove, there is no way our public services should be used to advertise these unregulated, risky schemes to Londoners. I asked for a ban in July and I am still pushing,” Berry said in her tweet.

Though many of these campaigns have gone off without a hitch, Berry’s concerns appear to be focused on potential “pump and dump” schemes, in which promoting for a project might undoubtedly cause a flood of token purchases, with only a few buyers profiting by selling their holdings when the value rises.

In May, the Advertising Standards Authority of the United Kingdom halted a marketing campaign by crypto exchange Luno, stating that the agency’s “it’s time to purchase” declaration on commercials gave the impression that investing in Bitcoin (BTC) was “straightforward and accessible.”

“They should have had second thoughts” when the advertisement warned “this is uncontrolled, you may lose all your money,” Berry said in an interview. “I don’t believe there should be any cryptocurrency adverts on the network.” They’re dishonest.”

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Although London is no stranger to cryptocurrency trading since it is home to several exchanges and projects. Tokens like Richard Heart’s HEX have previously focused the town for advertisements in publications, public transit, and even during sporting events. Last year, in anticipation of the launch of its U.Okay. arm, Binance plastered the town with advertisements.

“I want to clean up the commercials on the tube in a variety of ways,” Berry added, “including deleting ads for automobiles and flights.” “Dangerous financial items, such as gambling, are included in that policy. I don’t want to outright ban cryptocurrencies and don’t have the authority to do so.”

She went on to say that she wasn’t specifically targeting Floki in her quest for the crackdown, but rather one of three crypto-promoting initiatives in London. Adding that members of the Floki token supporters on social media had bombarded her with messages, “making it appear more like a cult than a swindle.”

However, the adverts appear to be helping Floki’s token value rise. The value of the token increased by more than 500 percent between Oct. 26 and Nov. 4, according to CoinMarketCap data, reaching an all-time high of $0.0003406.

The Author

Ajisebutu Doyinsola

Doyinsola Ajisebutu is a journalist and prolific writer who takes a special interest in Finance, Insurance, and the Tech world.